Health Insurance Savings May Be on the Way
June 1, 1996
Thousands of self-employed real estate practitioners may soon be able to increase their tax deduction for health insurance, thanks in part to NAR lobbying efforts to make health care more affordable for its members.
Legislation that passed in the U.S. Senate would,by the year 2006, raise the federal tax deduction from the current 30 percent to 80 percent for self-employed workers and their families. That could translate into hundreds of dollars of savings per household, depending on medical insurance coverage and income.
President Clinton has indicated he will sign the bill, sponsored by Sens. Nancy Kassebaum, R-Kan., and Edward Kennedy, D-Mass.,if the Senate version of the measure emerges from a conference committee. The House version of the bill calls for a 50 percent tax deduction for medical insurance premiums. NAR favors a 100 percent tax deduction.
The health insurance bill, in both the House and Senate versions, would also require insurance companies to cover workers under a new employer's plan if their last job carried insurance. In addition, the measure would strictly limit exclusions for preexisting medical conditions.
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Updated: January 14, 2022